The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1887-12-13

course, be paid upon such purchase that there may
be a large part Of these bonds held es investments
which cannot be purchased at any price, and that
combinations among holders who are willing to
sell may unreasonably enhance the cost of such
bonds 10 the government 1t has been suggested
that the present bonded debt might be refunded at
q less rate OF interest and the difference between
the old and new securities, in cash, thus finding
use for the surplus in the treasury.
The success of the plan, it is apparent must de-
pend upon the voion of the holders OF the present
bonds and it is not entirely certain that the induce
ment which must be offered would result in more
financial benefit to the government IMAM the pun,
chase of bonds while the latter proposition would
reduce the PRINCIPAL Of the debt by actual payment
instead Of extending II. The proposition to deposit
the money held by the government in bonds
throughout the country for use by the people, H. 1t
to me, exceedingly Objectionable in principal
establishing too close relationship between the
operations of the government treasury and the
business of the country, and too extensive coiec-
ton OF their money thus fostering an unnatural re-
lance in private business of public funds. If this
scheme should be adopted, it should only be done as
temporary eXpedient TO meet an urgent necessity
Legislative and executive effort should generally be
in the opposite direction, and should have tend
ency To divorce as much ana as iast as can isaiey
be done the treasury department from private en-
terprise.
or course it is not expected that unnecessary and
eXraVagant appropriations Will be made for the pur
pose of avoiding the accumulation Of an excess OF
revenue. Such expenditure, beside the dcmoraliza-
ton Of all just conceptions of public duty which it
entails stimulates habit of reckless nprovidence
not in the least consistent with the mission OF our
people or the high and benebcent purposes OF our
government / have deemed 1t my duty to thus
bring to the knowledge of my countrynen, rs well
as to the attention OF the repres entatiyes charged
the gravity of our financial situation.
The failure of the congress heretofore to
provide against the danger which il was quite evil
dent the very nature of the difficulty must neces-
sarily produce, caused condition of financial dis
tress and apprehension, since your last document,
which taxed to the utmost all the authority and eX
pcdents within executive control; and these APP
pear now to be exhausted. If disaster results from
the continued naction of congress the responsible
%
ton thus far considered is 1raueht
with danger which should be fully
wrong to the people, as well as peril to the coun-
try it is but result growing out of perfectly pal
pablo and apparent cause, constantly reproducing
NE same alarming cireumstances-a eongested ma
tioual treasury aud n depleted monetary condition
in the business Of the country; 1t need hardly be
stated that while the present Situation demands
remedy, we can only be saved from like predica-
menti the future by the removal of its cause Our
scheme oftaxniOn, b. means OF which this need->
less surplus is taken from the people and put into
the public treasury, consists Of tariff or duty levied
upon the importations from abroad and internal
revenue taxes levied upon the consumption of to-
bacco and spirituous and malt liquors
REVISION OF TIE TARIFF.
II must be conceded that none of the things sub
iected to internal revenue taxation are, strictly
speaking, necessares there appears to be no just
complaint Of this taxation by the consumers of
these articles and there seems to be nothing so we'll
able to bear the burden without hardship to any
portion of the people. But present tariff laws,
the vicious, inequable and illogical source of I'M
necessary taxation ought to be at revised and
amended. These laws in their primary and plain
effect raise the price to consumers of all articles i'm
ported and subject to duty by precisely the sum paid
for such duties. Thus the amount of the
duty measures the tax paid by those who purchase
for use those imported articles. Many of these
things, however, raised or manufactured in our
own country, and the duties now LEVIED upon for
eisn goods aud products are called protection to
these home manufactures, because they render it
possible fer those of our people who are manufac-
turer, to make these taxed articles and sell them
for price equal to that demanded for the imported